Purchasing vacant land in Ontario is an important and intricate decision. No matter if you want to build a home or start up a company on that land, there are several essential aspects that you must consider. A vacant lot can entail all types of restrictions, and you have to be familiar with them before investing your money in it.
Location is one of the most important factors. If you purchase the land as a long-term investment, make sure it features resale value. If you intend to start up a company, don’t choose land entirely isolated from prospective clients. And if you want to build a home, opt for land on which you are allowed to build.
Be aware of the costs involved
Investing in vacant land in Ontario is a time and money-consuming process. However, if you prepare everything carefully, you’ll spend your money shrewdly. Purchasing a vacant lot entails several expenses. First of all, you should opt for title insurance. This way, you won’t have to deal with any legal complications regarding your property. You might also need to perform a land survey and note that this is a pretty expensive procedure. Besides, utilities and building costs might also be pricey, so make sure you are aware of them before purchasing the land.
Zoning restrictions are vital, since they dictate what you can and can’t do with the vacant land. Check if the authorities will allow you to construct a house on the land prior to buying it. For example, some areas in Ontario are zoned only for residential building, so if you intend to start up a company, you have to avoid settings like these. You shouldn’t face difficulties in identifying these zoning limits. You can go to the zoning office or perform an online research to come across useful information about the parcel of land you’re interested in.
Ordinances and covenants
Land destined to be sold or built on is usually divided into tinier parcels that form subdivisions. A parcel of land positioned in a subdivision involves some restrictions you must be aware of before purchasing. In case the vacant lot is situated in the heart of a community, you can be sure that a homeowner’s association oversees that area. Subdivisions in general entail covenants that set strict regulations for the use of the land in question. All these rules can be a real headache, so don’t forget to check them out.
No matter if you’re searching for a vacant lot for your house or business, you will surely want to benefit from utility access. You will need electricity, gas, water, telephone and internet services. And the problem is that you will need some of these facilities to start the construction. A great way to avoid this concern completely is to buy land that features all these utilizes. When it comes to water and sewage, things get even more difficult. Vacant lots in Ontario that aren’t located near sewage and water lines will require septic systems and wells to gain access to these facilities. And you might want to know that they are all going to cost a fortune.
In other words, investing in land in Ontario is a good decision, as long as you pay attention to all these critical factors. If you want to stay away from terrible problems, make sure you know what you’re buying.